Sec. B-56. 13-C MRSA §§601 and 602, as enacted by PL 2001, c. 640, Pt. A, §2 and affected by Pt. B, §7, are amended to read:

§601. Authorized shares

1. Classes and number of shares authorized. A corporation's articles of incorporation must prescribe the set forth any classes of shares and series of shares within a class, and the number of shares of each class or series that the corporation is authorized to issue. If more than one class or series of shares is authorized, the articles of incorporation must prescribe a distinguishing designation for each class or series and must describe, prior to the issuance of shares of a class or series, the terms, including the preferences, rights and limitations and relative rights of that class must be described in the articles of incorporation or series. All Except to the extent varied as permitted by this section, all shares of a class or series must have terms, including preferences, rights and limitations and relative rights that are identical with those of other shares of the same class, except to the extent otherwise permitted by section 602 or series.

2. Voting rights authorized. A corporation's articles of incorporation must authorize one or more classes or series of shares that together have unlimited voting rights and one or more classes or series of shares, which may be the same class or classes or series as those with voting rights, that together are entitled to receive the net assets of the corporation upon dissolution.

3. Designations, preferences, limitations and relative rights. A corporation's articles of incorporation may authorize one or more classes or series of shares that:

A. Have special, conditional or limited voting rights or no right to vote, except to the extent prohibited otherwise provided by this Act;

B. Are redeemable or convertible as specified in the articles of incorporation:

(1) At the option of the corporation, the shareholder or another person or upon the occurrence of a designated specified event;

(2) For cash, indebtedness, securities or other property; or and